1857. Public Notice of Offering of $100,000,000, or Thereabouts, of Treasury Bills

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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No 1857 June Public Notice of Offering of or thereabouts of Treasury Bills Dated July 6 1938 Maturing October To all Incorporated Banks and Trust Companies in the Second Federal Reserve District and Others Concerned Following is the text of a notice today made public by the Treasury Department with respect to a new offering of Treasury bills payable at maturity without interest to be sold on a discount basis to the highest bidders The Secretary of the Treasury gives notice that tenders are invited for Treasury bills to the amount of or thereabouts They will be 91 day bills and will be sold on a discount basis to the highest bidders Tenders will be received at the Federal Reserve Banks or the branches thereof up to two o clock p m Eastern Standard time on Friday July Tenders will not be received at the Treasury Department Washington The Treasury bills will be dated July and will mature on October and on the maturity date the face amount will be payable without interest They will be issued in bearer form only and in amounts or denominations of and maturity value It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by the Federal Reserve Banks or branches upon application therefor No tender for an amount less than 1 000 will be considered Each tender must be in multiples of 1 000 The price offered must be expressed on the basis of 100 with not more than three decimal places e g Fractions must not be used Tenders will be accepted without cash deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities Tenders from others must be accompanied by a deposit of 10 per cent of the face amount of Treasury bills applied for unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company Immediately after the closing hour for receipt of tenders on July all tenders received at the Federal Reserve Banks or branches thereof up to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter probably on the following morning The Secretary of the Treasury expressly reserves the right to reject any or all tenders or parts of tenders and to allot less than the amount applied for and his action in any such respect shall be final Those submitting tenders will be advised of the acceptance or rejection thereof Payment at the price offered for Treasury bills allotted must be made at the Federal Reserve Banks in cash or other immediately available funds on July The Treasury bills will be exempt as to principal and interest and any gain from the sale or other disposition thereof will also be exempt from all taxation except estate and inheritance taxes Attention is invited to Treasury Decision 4550 ruling that Treasury bills are not exempt from the gift tax No loss from the sale or other disposition of the Treasury bills shall be allowed as a deduction or otherwise recognized for the purposes of any tax now or hereafter imposed by the United States or any of its possessions Treasury Department Circular No 418 as amended and this notice prescribe the terms of the Treasury bills and govern the conditions of their issue Copies of the circular may be obtained from any Federal Reserve Bank or branch thereof In accordance with the above announcement tenders will be received at the Securities Department of this bank 2nd floor 33 Liberty Street New York City or at the Buffalo Branch of this bank 272 Main Street Buffalo New York until two o clock p m Eastern Standard time three o clock p m Daylight Saving time on Friday July It is requested that tenders be submitted on special form and in special envelope enclosed herewith Attention is invited to the fact that payment for the Treasury bills cannot be made by credit through the Wnr Loan Deposit Account Payment must be made in cash or other immediately available funds War GEORGE L HARRISON President No TENDER FOR 91 DAY TREASURY BILLS Dated July Maturing October Dated at To THE FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States 1938 New York City N Y Pursuant to the provisions of Treasury Department Circular No 418 as amended and to the provisions of the public announcement on June as issued by the Secretary of the Treasury the undersigned offers to pay for a total amount Rate per 100 of maturity value of the Treasury bills therein described or for any less amount that may be allotted payment therefor to be made at your bank in cash or other immediately available funds on the date stated in the public announcement The Treasury bills for which tender is hereby made are to be dated July and are to mature on October This tender will be inserted in special envelope entitled Tender for Treasury bills IMPORTANT INSTRUCTIONS i 1 No tender for less than 1 000 will be considered and each tender must be for an amount in multiples of 1 000 maturity value Also if more than one price is offered a separate form must be executed at each price 2 If the person making the tender is a corporation the form should be signed by an officer of the corporation authorized to make the tender and the signing of the form by an officer of the corporation will be construed as a representation by him that he has been so authorized If the tender is made by a partnership it should be signed by a member of the firm who should sign in the form a copartnership by a member of the firm 3 Tenders will be accepted without cash deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities Tenders from others must be accompanied by a deposit of 10 per cent of the face amount of Treasury bills applied for unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company 4 If the language of this form is changed in any respect which in the opinion of the Secretary of the Treasury is material the tender may be disregarded Payment by credit through War Loan Deposit Account will not be permitted Before signing fill in all required spaces Bank or Trust Company Post Office Address State Official signature required SPACES BELOW ARE FOR THE USE OF THE FEDERAL RESERVE BANK Classified Carded Examined Allotment Received Figured Checked T NTB 418 a Checked Ledger Advised Recorded Acknowledged Method of Payment Window Disposition Amount Custody Price should be expressed on the basis of 100 with not more than three decimal places e g Fractions must not be used Date Released Mail Hv Other Departments

Federal Reserve Bank of New York. "1857. Public Notice of Offering of $100,000,000, or Thereabouts, of Treasury Bills,"
Federal Reserve Bank of New York Circulars
(June 29, 1938).
https://fraser.stlouisfed.org/title/466/item/16553, accessed on September 15, 2019.